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MINUTES <br />City Council <br />Nov. 26, 1985 <br />Rutzick <br />IDB's <br />(Cont.) <br />progra.m. Nardini asked how the City can determine if anyone in Little <br />Canada would be interested in this program. <br />The City Planner stated that it would be pretty hard to get a <br />feasibility study done within a couple of weeks. <br />Mr. Blesener asked if it would be possible to go with either elderly <br />housing or low and moderate income housing. The Bond Counsel pointed <br />out that the program for low and moderate income housing is more restrictive <br />than the one for elderly. If the City decided to go with the elderly <br />program, then restrictions would be removed. <br />Bond Counsel felt that the best way for the City to proceed would be <br />to approve the low and moderate income housing and then if the City <br />wanted a certain number of units could be set aside for the elderly. <br />Bond Counsel stated that the low and moderate income housing would <br />proceed unless the City and the Bond Counsel felt that the elderly <br />housing project was feasible. Language could be put into the loan <br />~zgreement to ensure that the elderly housing proposal was looked <br />into. <br />Fahey asked when Rutzick was looking for final bond approval. The <br />Bond Counsel replied by the end of the year. <br />Bond Counsel indicated that it is not unusual to cover certain municipal <br />concerns or requirements in a developer's loan agreement. These <br />requirements would have to be met before proceeds are disbursed to <br />the developers. <br />Mr. Fahey indicated that he would be satisfied with this. The Attorney <br />also indicated that this would cover the City's concerns. <br />Ms. Nardini introduced the following resolution and moved its adoption: <br />RESOLUTION N0. 85-11-554 - <br />CLOSING T{1E PUBLIC HEARING ON THE <br />REQUEST FOR INDUSTRIAL REVENUE BONDS <br />FOR THE HOUSING PLAN AS SUBMITTED BY <br />SHERPIAN RUTZICK <br />The foregoing resolution was du1y seconded by Mr. Collova. <br />Ayes (5) Nardini, Collova, Blesener, Scalze, F~hey. <br />Nayes (0). <br />Resolution declared adopted. <br />This resolution appears in Resolution Book Plo. 12, Page 5II6. <br />Mr. Blesener pointed out that the resolution indicates four apartment <br />buildings and 192 units and this should be amended to two buildings <br />and 154 units. <br />Page -12- <br />